ASP Isotopes Inc. Provides Update on Plans to Spin-Out its Wholly Owned Subsidiary, Quantum Leap Energy
16 Februar 2024 - 11:47PM
ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or “ASPI” or the
“Company”), an advanced materials company dedicated to the
development of technology and processes for the production of
isotopes for use in multiple industries, announced today an update
on its previously disclosed intention to spin-out its wholly owned
subsidiary, Quantum Leap Energy LLC (“QLE”), as a separate public
company. ASPI is planning to list QLE on a national exchange and
distribute a portion of QLE’s common equity to ASPI’s stockholders
as of a future record date, anticipated to be completed by
year-end, in each case subject to obtaining applicable approvals
and consents and complying with applicable rules and regulations
and public market trading and listing requirements.
The regulatory landscape and supply chain for nuclear fuel
production differs significantly from that of medical isotopes,
hence ASPI and QLE have different business models and we believe
that both companies would benefit if QLE is independently managed
and financed from ASPI.
In connection with the anticipated spin-out, ASPI has entered
into a number of agreements with QLE, including a License
Agreement, pursuant to which QLE has licensed from ASPI the rights
to produce enriched Uranium 235 and Lithium 6 in exchange for a
perpetual royalty in the amount of 10% of all future QLE revenues,
and an EPC Services Framework Agreement, pursuant to which the
parties have agreed ASPI will provide services for the engineering,
procurement and construction of one or more turnkey Uranium-235 and
Lithium-6 enrichment facilities in locations to be identified by
QLE and owned or leased by QLE, and commissioning, start-up and
test services for each such facility, subject to the receipt of all
applicable regulatory approvals, permits, licenses, authorizations,
registrations, certificates, consents, orders, variances and
similar rights.
In addition, ASPI has assigned to QLE the two MOUs with
U.S.-based small modular reactor companies for the use of Quantum
Enrichment for the production of High-Assay Low Enriched Uranium
(HALEU), which were entered into during 2023. The MOUs provide for
substantial financial support for the development of HALEU
production facilities that should be capable of supplying metric
ton quantities of HALEU by 2027. The Company’s discussions with
potential customers in both the United States and international
regions indicate a potential demand for over $30 billion(1) of
HALEU at recent market prices by 2037. The Company has initiated
discussions with multiple governments regarding the location of
their first nuclear fuel facility.
ASP Isotopes recently started the construction of the first
Quantum Enrichment isotope facility, which is expected to enrich
kilogram quantities of ytterbium-176 and nickel-64, two isotopes
that are used in the medical industry and are in short supply. This
first plant, which is in South Africa, is expected to be completed
during 2025 and management believes that the thermodynamic
similarities between ytterbium, nickel, lithium, and uranium will
mean that the successful construction of this facility would
significantly reduce the time required to construct a HALEU
facility.
Ocean Wall Limited is acting as an advisor to the Company.
“Nuclear fuel has one of the most severely compromised supply
chains of any material in the world. We believe that in order for
long-term climate goals to be achieved, an alternative supplier of
fuel is needed,” said Paul Mann, Chairman and CEO of ASPI and
Chairman and CEO of QLE. “Over the last several decades, the
scientists at ASPI have developed what we believe to be the most
advanced isotope enrichment technologies and we look forward to
accelerating these to support long-term climate goals.”
HALEU will be required to enable many nuclear reactors, such as
SMRs (small modular reactors), to operate in the future. Currently,
there are no Western producers of HALEU in commercial quantities,
and many SMR companies worldwide face substantial delays until this
fuel supply issue is resolved. The Nuclear Energy Institute
estimates that there may be a HALEU supply demand of approximately
3,000 metric tons by 2035(2). ASPI believes their Quantum
Enrichment process will be able to produce HALEU at an attractive
price, allowing new nuclear energy to become available at a “green
discount” to carbon-intensive electricity production processes.
This “green energy cost advantage” is expected to help accelerate
the global adoption of new nuclear energy, with a corresponding
benefit to climate goals. The Quantum Enrichment Process, an
isotope enrichment method under development by our scientists, is a
laser-based enrichment method, which we believe will have both the
lowest levelized cost of HALEU production, the lowest cash
operating cost of HALEU production, low capital expenditure, and
efficient construction cycles. Management believes that the Quantum
Enrichment Process can enrich previously depleted uranium tails,
which is essentially waste from other enrichers. In addition to
providing a substantial cost advantage over traditional enrichment
methods, globally, over 1.7 million metric tons of depleted uranium
tails are becoming an environmental hazard.
In summary, management believes that QLE will
offer an environmental solution for uranium tails whilst providing
the lowest cost HALEU supply, which will be essential for the
commercialisation of SMRs.
About ASP Isotopes Inc.
ASP Isotopes Inc. is a pre-commercial stage
advanced materials company dedicated to the development of
technology and processes to produce isotopes for use in multiple
industries. The Company employs proprietary technology, the
Aerodynamic Separation Process (“ASP technology”). The Company’s
initial focus is on producing and commercializing highly enriched
isotopes for the healthcare and technology industries. The Company
also plans to enrich isotopes for the nuclear energy sector using
Quantum Enrichment technology that the Company is developing. The
Company has isotope enrichment facilities in Pretoria, South
Africa, dedicated to the enrichment of isotopes of elements with a
low atomic mass (light isotopes).
There is a growing demand for isotopes such as
Silicon-28, which will enable quantum computing, and
Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and
Nickel-64 for new, emerging healthcare applications, as well as
Chlorine-37, Lithium-6, and Uranium-235 for green energy
applications. The ASP Technology (Aerodynamic Separation Process)
is ideal for enriching low and heavy atomic mass molecules. For
more information, please visit www.aspisotopes.com.
Forward-Looking Statements
This press release contains forward-looking
statements regarding the Company’s current expectations. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and assumptions that are difficult
to predict. Factors that could cause actual results to differ
include, but are not limited to, risks and uncertainties related to
the Company’s proposed spin off of Quantum Leap Energy LLC, or
factors that result in changes to the Company’s anticipated results
of operations related to its products and technologies. These and
other risks and uncertainties are described more fully in the
section captioned “Risk Factors” in the Company’s Annual Report on
Form 10-K filed with the SEC. Forward-looking statements contained
in this announcement are made as of this date, and the Company
undertakes no duty to update such information except as required
under applicable law.
- https://www.uxc.com/p/tools/FuelCalculator.aspx
- Korsnick, M. (2021, December 20). Updated Need for High-Assay
Low Enriched Uranium. Nuclear Energy Institute
Contacts
Jason Assad– Investor
relationsEmail: Jassad@aspisotopes.com Telephone:
561-709-3043
ASP Isotopes (NASDAQ:ASPI)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
ASP Isotopes (NASDAQ:ASPI)
Historical Stock Chart
Von Jun 2023 bis Jun 2024